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Anthropic At $380 Billion Surpasses India’s Top IT Firms Combined As AI Fears Rock Stocks
Anthropic At $380 Billion Surpasses India’s Top IT Firms Combined As AI Fears Rock Stocks
The entire Information Technology (IT) industry in India is battering with the existential threat, which comes on the heels of rising generative AI, posing doubts over the viability of their business model.
Stocks of the IT industries, including Tata Consultancy Services (TCS), Infosys, Wipro, etc., hit brutally over the past week. This was triggered with the launch of new AI tools by Anthropic’s Claude for Cowork, which is like an office teammate helping the user to do tasks such as file sorting, reading legal drafts, etc.
Anthropic’s phenomenal valuation rise has surpassed the combined value of India’s top IT firms. Standing at a valuation of $380 billion, the US-based AI company has eclipsed India’s Nifty IT index, whose market cap was at $296.4 billion by the time of writing this report.
Investors are accelerating their exit from technology stocks as concerns intensify that advanced artificial intelligence tools could disrupt core segments of the global software and IT services industry.
This week alone, TCS, Infosys and HCL Technologies dragged 9-11 per cent.
The sharp correction has wiped out substantial investor wealth. Based on intraday lows, the combined market capitalisation of the top five domestic IT companies has eroded by nearly Rs 3,11,873 crore this week.
TCS emerged as the biggest laggard, losing Rs 1,28,800 crore in market value, with its market capitalisation slipping to Rs 9,35,253 crore. The fall also pushed it to the fifth-most valued listed company from the fourth position.
Infosys has seen its market capitalisation shrink by Rs 91,431 crore following a 15 per cent decline this week. HCL Technologies has lost Rs 53,647 crore in market value over the past five trading sessions. Wipro and Tech Mahindra have also recorded declines, with their market capitalisations falling by Rs 22,762 crore and Rs 15,233 crore, respectively, during the same period.
Anthropic has recently raised $30 billion in Series G funding led by GIC and Coatue, valuing Anthropic at $380 billion post-money, as announced by the company in the press release.
The investment will fuel the frontier research, product development, and infrastructure expansions that have made Anthropic the market leader in enterprise AI and coding.
Source: News18
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